Atal Pension Yojana: 7 Crore Subscribers and Growing

The Atal Pension Yojana (APY), a low-cost pension scheme, has amassed a corpus of Rs 35,149 crore with 7 crore subscribers. The scheme offers a guaranteed minimum pension ranging from Rs 1,000 to Rs 5,000 per month starting at age 60. Benefits extend to spouses and nominees upon the subscriber's death.

About 7 crore people have subscribed to the Atal Pension Yojana (APY), accumulating a corpus of Rs 35,149 crore, Finance Minister Nirmala Sitharaman announced on Wednesday.

The APY is designed as a low-cost pension scheme, providing a guaranteed minimum pension of Rs 1,000-5,000 per month starting from the age of 60, based on the subscriber's contributions.

In the unfortunate event of the subscriber's death, the same pension will be provided to the spouse for their lifetime. If both the subscriber and the spouse pass away, the entire corpus is transferred to the nominee. Since its inception in 2015, the scheme has seen a total subscription of 6.90 crore people.

(With inputs from agencies.)